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  • May 2009
  • Article

Synchronicity and Firm Interlocks in an Emerging Market

By: Tarun Khanna and Catherine Thomas
Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set... View Details
Keywords: Stocks; Price; Corporate Governance; Governance Controls; Governing and Advisory Boards; Resource Allocation; Emerging Markets; Ownership Stake; Chile
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  • January 2016 (Revised April 2017)
  • Case

The Galaxy Dividend Income Growth Fund's Option Investment Strategies

By: W. Carl Kester
This case is designed to provide an elementary introduction to options and option pricing for beginning finance students. Analysis of the case requires students to compare the prices of put and call options with various exercise prices and maturity dates on two... View Details
Keywords: Options; Option Contract; Option Pricing; Derivatives; Mutual Funds; Call Options; Put Options; Stock Options; Risk and Uncertainty; Volatility; Financial Services Industry; United States
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  • June 2018
  • Case

Burton Sensors, Inc.

By: William E. Fruhan and Wei Wang
Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide... View Details
Keywords: Financing and Loans; Acquisition; Investment; Financial Strategy; Decision Choices and Conditions
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  • March 2009
  • Article

Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion

By: Augustin Landier, Vinay Nair and Julie Wulf
We document the role of geographic dispersion on corporate decision-making. Our findings include: (i) geographically dispersed firms are less employee friendly; (ii) dismissals of divisional employees are less common in divisions located closer to corporate... View Details
Keywords: Business Divisions; Business Headquarters; Decision Choices and Conditions; Geographic Location; Employees; Resignation and Termination; Retention
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  • 18 Oct 2004
  • Research & Ideas

The Bias of Wall Street Analysts

developments. His work examines how "sell-side financial analysts incorporate accounting information in their earnings forecasts, common stock valuations, and investment recommendations." He also... View Details
Keywords: by Ann Cullen; Financial Services
  • Research Summary

Information Intermediation

Christopher F. Noe's research involves examining a variety of issues relating to the process through which firms communicate with external parties. He has shown that trading by corporate officials in their own firms shares of common stock increases in the period... View Details

  • November 2018
  • Case

Governance Transition at Anadolu Group

By: Paul M. Healy and Esel Y. Cekin
Kamil Yazici and Izzet Ozilhan founded and built Anadolu Group Holding—a family business that grew into a multi-billion-dollar regional powerhouse. For 57 years they were equal partners in running the company. They then handed over a leadership role to a next... View Details
Keywords: Family-managed Business; Professionally-run Company; Second-generation; Third-generation; Governance; Governance Changes; Succession Planning; Corporate Culture; Shareholders; Board Of Directors; Long-term Sustainability; Conglomerate; Family Business; Corporate Governance; Change Management; Management Succession; Leadership; Transition; Organizational Structure; Consumer Products Industry; Turkey; Central Asia; Middle East
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  • March 2015
  • Article

Signaling to Partially Informed Investors in the Newsvendor Model

By: William Schmidt, Vishal Gaur, Richard Lai and Ananth Raman
We investigate a puzzling phenomenon in which firms make investment decisions that purposefully do not maximize expected profits. Using an extension to the newsvendor model, we focus on a relatively common scenario in which the firm's investor has imperfect information... View Details
Keywords: Decision Choices and Conditions; Investment
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  • 09 Nov 2011
  • Working Paper Summaries

CEO Bonus Plans: And How to Fix Them

Keywords: by Kevin J. Murphy & Michael C. Jensen
  • October 2020
  • Article

IQ from IP: Simplifying Search in Portfolio Choice

By: Huaizhi Chen, Lauren Cohen, Umit Gurun, Dong Lou and Christopher J. Malloy
Using a novel database that tracks web traffic on the SEC’s EDGAR servers between 2004 and 2015, we show that mutual fund managers gather information on a very particular subset of firms and insiders, and their surveillance is very persistent over time. This tracking... View Details
Keywords: Tracked Trades; Return Predictability; Institutional Trading; Insider Trading; Institutional Investing; Information; Investment Portfolio; Decisions; Management
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  • 2025
  • Working Paper

Public Displays of Alignment: Firm Speech in Autocratic Regimes

By: Joris Mueller, Jaya Y. Wen and Cheryl Wu
Political speech by firms is increasingly common around the world. This paper examines the government as an important, yet understudied, audience for such speech, focusing on how Chinese firms rhetorically align with the state. We introduce novel, general, and... View Details
Keywords: Business and Government Relations; Economic Systems; Power and Influence; Government Administration; Policy; China
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  • 16 Jul 2024
  • Op-Ed

Corporate Boards Are Failing in Their No. 1 Duty

2013, the Microsoft board recognized that the company needed a leadership change as its stock had been flat since CEO Steve Ballmer had taken over in 2000 from founder Bill Gates. By doubling down on its proprietary Office and Windows... View Details
Keywords: by Bill George
  • November 2019
  • Case

Apple, Einhorn, and iPrefs (Abridged)

By: Carliss Y. Baldwin and W. Carl Kester
In March 2013, Apple Computer has a very large cash balance, and is under pressure to return cash to shareholders. Hedge fund manager David Einhorn thinks Apple can "unlock value" by issuing perpetual preferred stock, dubbed iPrefs. Henry Blodget, CEO of Business... View Details
Keywords: Markets; Stock Shares; Value Creation; Business and Shareholder Relations
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  • 2024
  • Working Paper

Categorical Processing in a Complex World

By: Marco Sammon, Thomas Graeber and Christopher Roth
In real-world news environments, quantitative information is rarely presented in isolation; it is characterized through qualitative comparisons with various reference levels. Company earnings, for example, are commonly compared to analyst forecasts, previous earnings,... View Details
Keywords: Announcements; Cognition and Thinking; Communication Strategy
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  • 22 May 2020
  • Blog Post

Remembering Well and Making Meaning of Memorial Day

of white marble headstones remind me of all – especially those I followed, fought alongside, and led – who lie interred in veterans' cemeteries from Arlington to Sacramento. In a real sense, those who volunteered to go in our place gave of themselves and their futures... View Details
  • August 2015 (Revised October 2023)
  • Case

Eastman Kodak Company: Restructuring a Melting Ice Cube

By: Stuart C. Gilson, John D. Dionne and Sarah L. Abbott
In May 2013, senior managers of GSO Capital Partners, an $80 billion credit-oriented investment firm owned by The Blackstone Group, are considering what to do next with their investment in the senior secured debt of Eastman Kodak Company. Once a great company and an... View Details
Keywords: Restructuring; Finance; Strategy; Investment; United States
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  • February 1986 (Revised November 1992)
  • Case

Novo Industri A/S--1981

By: W. Carl Kester and Glynn Ferguson
This small but rapidly growing Danish biochemical company must choose among several financing opportunities that include a convertible Eurobond, a rights offering in Denmark and an issue of new common shares in the United States. The case involves a broad range of... View Details
Keywords: Capital Markets; Cost of Capital; Bonds; Stock Shares; Financing and Loans; Globalization; Biotechnology Industry; Chemical Industry; Denmark; United States
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  • 05 Oct 2018
  • Blog Post

The Reflective Leader

fortunate enough to join the host committee of a new Executive Education experience entitled The Reflective Leader.    The three-day program is geared toward full-time MBA Alumni from the classes of 1995-2005 who wish to take stock of... View Details
  • 29 Aug 2011
  • Research & Ideas

Decoding Insider Information and Other Secrets of Old School Chums

cover, hypothesizing that analysts gain comparatively good information if they attended the same college as a firm's top executives or board members. In short, the researchers found that the analysts outperformed on their stock... View Details
Keywords: by Carmen Nobel; Financial Services
  • 15 Oct 2007
  • Research & Ideas

Businesses Beware: The World Is Not Flat

expansion," Ghemawat argues. While identifying similarities from one place to the next is essential, effective cross-border strategies will take careful stock of differences as well. An expert on global strategy, Ghemawat lays out an... View Details
Keywords: by Martha Lagace